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Member
Posts: 7
Registered: ‎04-02-2007
0

Will refi now hurt getting mortgage later

Here is my situation.... I may be looking at a possible move and trying to get a mortgage. At the moment (as of today) my scores were Trans 639, Experian 646 and Equifax 684. I have a house now that I bought on an REC about 7 years ago (we didn't have any for a down and we didn't exactly have wonderful credit histories). Income is around $70k with no outstanding debt (I have a dept. store card, but that is it). If a move isn't happening for us, should I refi? At the moment, we pay 9% (big ouch) but our principal is only $83k on our house. If I do refi to get a lower rate (does anyone know what I would be looking at for that going by credit scores), will it hurt my scores if I decide to go ahead and move in a year and buy a different home, in a different city?
 
Thanks.
 
New Contributor
Posts: 67
Registered: ‎04-13-2007
0

Re: Will refi now hurt getting mortgage later

What is the value of your home? If you have assets and can document your income you should be able to do much better than 9%. Probably high 6 to mid 7% depending on information above.
 
Refinancing today should not adversely affect your credit or your abilities to buy a new home in a year.
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